`Loans 2 Go’ is a cash logbook loans provider across England, Wales and Scotland. It also provides personal loans.This loans provider has nearly sixty branches operating in local communities that are spread across the United Kingdom. Loans 2 Go is authorised and regulated by the Financial Conduct Authority. Loans 2 Go also follows the relevant codes of practice of the Consumer Credit Trade Association.
A Representative Example of Loans 2 Go Case Study
If a customer wants to borrow £850 over a period of one and a half years at a fixed flat interest rate of 132% per annum with a representative 450.5% APR, he or she will make seventeen monthly payments of £140.72 and one payment of £140.76. The customer will be repaying £2,533.00, overall.
The minimum loan tenure is one year and the maximum loan tenure is three years. Loans 2 Go charge interest on a monthly basis and as with us it does not penalise its customers when they want to go for an early settlement of the loan amount. If a customer wants to repay the entire loan amount in one month, it would cost him or her £93.50.
Loan Acceptance Criteria
Logbook loans are provided by Loans 2 Go and are secured against your vehicle. The loan application will be accepted where Loans 2 Go are able to demonstrate that the loan repayments are affordable, for the term of the loan. Late payment of an instalment or non-payment may result in additional fees in the form of court fees and repossession expense for the vehicle. Cash logbook loans could be availed against cars, motorcycles, vans and possibly any other roadworthy vehicles.
Cash logbook loans could be availed against cars, motorcycles and vans. In recurrent cases, customers can borrow from a minimum amount of £250 - £50,000 against their vehicles and they can continue to drive these vehicles during the tenure of the loan. The vehicle is used as security to access the funds for the logbook loan.
The Logbook Loan Process
Customers of Loans 2 Go could either make an enquiry online or give them a direct call to get the decision about their request. They will need to submit the registration documents of their vehicle (V5) (Logbook), a photograph identification proof, residing address proof and evidence of a regular source of income. Loans 2 Go will not distinguish between whether its customer is a self employed person, an employed person or a small business owner who is seeking a fast loan.
An amount ranging from £250 to £50,000 could be borrowed from Loans 2 Go against your vehicle over varied terms that have been specially designed to suit your budget. The owners of the vehicle may continue to drive their cars during the tenure of the loan.
The borrowers could select to pay Loans 2 Go on a weekly, fortnightly or a monthly basis. No upfront fees are charged.
What happens if the financial situation of a particular borrower change after he or she enters into a loan?
If borrowers experience or anticipate problems in making payments on time, they can contact Loans 2 Go team who will do everything to help the borrower get back on track, including providing details of how to get free, independent advice on their situation.
Trustpilot Rating for Loans 2 Go – 8.8/10.0